Key financial figures
Audi Group in the first quarter
January until March 2021
Deliveries Audi brand
462,828
vehicles
Revenue
14.1
EUR billion
Operating result
1.4
EUR billion
(Operating margin: 10.0%)
Net cash flow
3.1
EUR billion
R&D ratio
7.1%
Capex ratio
2.0%
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Multi-year comparison of the key performance indicators of the Audi Group
| 2018 | 2019 | 2020 | |
|---|---|---|---|
| Deliveries to customers of the Audi brand [¹] (cars) | 1,812,485 | 1,845,573 | 1,692,773 |
| Revenue (EUR million) | 59,248 | 55,680 | 49,973 |
| Operating profit (EUR million) |
3,529 [²] |
4,509 | 2,569 [²] |
| Operating return on sales (percent) |
6.0 [²] |
8.1 | 5.1 [²] |
| Return on investment (ROI) (percent) |
10.0 [²] |
12.7 | 7.4 [²] |
| Net cash flow (EUR million) | 2,141 | 3,160 | 4,589 |
| Research and development ratio (percent) | 7.1 | 7.9 | 7.3 |
| Ratio of capex [³] (percent) | 5.9 | 4.9 | 3.8 |
[¹] Including delivered vehicles built locally by the associated company FAW-Volkswagen Automotive Company, Ltd., Changchun (China)
[²] Taking into account special items, in particular in connection with the diesel issue
[³] Investments in property, plant and equipment, investment property and other intangible assets according to cash flow statement in relation to revenue
Deliveries
The non-financial indicator of deliveries to customers reflects the number of new vehicles of the Audi brand handed over to customers.
| Deliveries of the Audi brand [¹] | Compared with the prior-year level | Deliveries of the Audi brand, accumulated YTD [¹] | Accumulated compared with the prior-year level | |
|---|---|---|---|---|
| January 2021 | 155,700 | +0.1% | – | – |
| February 2021 | 121,800 | +31.1% | 277,600 | +15.5% |
| March 2021 | 185,300 | +64.3% | 462,800 | +31.1% |
| April 2021 | 171,200 | +107.9% | 634,000 | +45.6% |
| May 2021 | 171,400 | +44.5% | 805,400 | +45.4% |
[¹] rounded-off figures
2020
| Deliveries of the Audi brand [¹] | Compared with the prior-year level | Deliveries of the Audi brand, accumulated YTD [¹] | Accumulated compared with the prior-year level | |
|---|---|---|---|---|
| January 2020 | 147,300 | +1.8% | - | - |
| February 2020 | 92,900 | -22.5% | 240,200 | -9.2% |
| March 2020 | 112,800 | -38.3% |
353,000 |
-21.1% |
| April 2020 | 82,400 | -41.3% | 435,400 | -25.9% |
| May 2020 | 118,600 | -21.9% | 553,900 | -25.1% |
| June 2020 | 153,300 | -8.1% | 707,200 | -22.0% |
| July 2020 | 161,300 | +3.8% | 868,500 | -18.2% |
| August 2020 | 146,500 | -2.4% | 1,015,000 | -16.2% |
| September 2020 | 172,200 | +18.4% | 1,187,200 | -12.5% |
| October 2020 | 163,800 | +9.8% | 1,351,000 | -10.3% |
| November 2020 | 166,300 | +1.8 % | 1,517,300 | -9.1 % |
| December 2020 | 175,400 | -0.3 % | 1,692,800 | -8.3 % |
Anticipated development in the key performance indicators of the Audi Group (2021 fiscal year)
The Audi Group is now cautiously optimistic about the rest of the year, but it is hardly possible to estimate the impact of the second wave of the corona pandemic reliably. Subject to this development, Audi is currently anticipating the following key performance indicators for the 2021 fiscal year:
| Key performance indicators | Forecast 2021 |
|---|---|
| Deliveries to customers of the Audi brand | significantly above prior-year level |
| Revenue | significantly above prior-year level |
| Operating return on sales | between 7 and 9 percent |
| Return on investment (ROI) | between 12 and 15 percent |
| Net cash flow | between EUR 3.5 and 4.5 billion |
| Research and development ratio | within the strategic target corridor of 6 to 7 percent |
| Ratio of capex | within the strategic target corridor of 4 to 5 percent |
Key performance indicators of the Audi Group in a nutshell
The basis for the management of the Audi Group is a value-oriented corporate management approach in combination with the following key performance indicators, which are important drivers of our corporate development and support the goals of our strategy.
The non-financial indicator of deliveries to customers reflects the number of new vehicles of the Audi brand handed over to customers. This performance indicator reflects demand from customers for our products and reveals our competitive and image position in the various markets worldwide. Strong demand for our products has a major impact on production, and consequently also on the capacity utilization of our sites and the deployment of our workforce. In addition, a continuing high level of vehicle deliveries reflects high customer satisfaction.
The financial key performance indicators include Audi Group revenue, which is a financial reflection of our market success.
Another key performance indicator is the operating result of the Audi Group. This key figure represents the economic performance of our core business as well as the economic performance of our fundamental operational activity, and is defined as follows:
Revenue
– Cost of goods sold
– Distribution costs
– Administrative expenses
+ Other operating income
– Other operating expenses
= Operating result
Our financial key performance indicators also include the operating return on sales of the Audi Group:
Operating return on sales = Operating result / Revenue
A further key performance indicator is return on investment (ROI). This reflects how effective our business activities are, by considering the return achieved on the capital employed over a given period. Return on investment already takes account of CO₂ compliance measures and can therefore also be understood as return on investment after CO₂.
Return on investment (ROI) = Operating profit after tax / Average invested assets
Net cash flow, which serves as a benchmark of the Audi Group’s level of self-financing, is calculated as follows:
Cash flow from operating activities
– Investing activities attributable to operating activities
= Net cash flow
The research and development ratio expresses Audi’s innovative strength and also ensures that it maintains competitive cost structures.
Research and development ratio = Research and development activities / Revenue
The ratio of capex is another indicator of the Audi Group’s competitiveness.
Ratio of capex = Capex according to the cash flow statement / Revenue
Capex includes investments in property, plant and equipment, investment property and other intangible assets according to the cash flow statement. Here, capital investment in essence comprises financial resources for modernizing and expanding our range of products and services, for optimizing our capacities and for improving the Audi Group’s production processes. Investment decisions are requested by the specialist areas, then scrutinized and prioritized by Investment Controlling and the “Investment Group” corporate committee. Major decisions affecting investment policy are also approved by the Company’s Supervisory Board.
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